Multi-National, Horizon Global Corp, With Only 12% U.S. Workforce Gets Nearly $9M In Small Business Funding
Q1 2020 hedge fund letters, conferences and more
WASHINGTON, D.C. – The latest Securities and Exchange Commission filings show 10 additional publicly traded companies secured more than $33 million in SBA Paycheck Protection Program (PPP) funds meant for struggling small businesses on Main Street, including at least two businesses with more than 500 employees. To date, more than 500 publicly traded companies have been awarded PPP funds, totaling more than $1.5 billion in taxpayer assistance.
Horizon Global Corp Among The latest PPP beneficiaries
Among the latest beneficiaries is Horizon Global Corp, a producer of towing equipment which received $8.7 million in small business support despite having approximately 3,600 employees (just 12% of which are in the United States) and paying their executives over $10 million in compensation in 2019. The company says they may return the loan, but is seeking guidance on whether they can keep it.
“Once again a large company with substantial foreign operations has received millions of dollars in small business assistance while Main Street businesses continue to suffer,” said Derek Martin, spokesman for Accountable.US. “As Congress begins to conduct oversight of the federal response to this public health crisis, it should make sure to investigate why so many big businesses received this money, while true Mom-and-Pops faced bureaucratic slowdowns or outright denials from banks around the country.”
These filings were compiled as part of an ongoing tracking project by government watchdog Accountable.US. TrumpBailouts.org documents the billion-dollar corporations and other large companies that have received taxpayer assistance under the CARES Act, and what advantages and assets they had going into the COVID-19 crisis that most small businesses could never access.
Among The Latest Publicly-Traded PPP Recipients:
|LOAN DATE||COMPANY||STATE||LOAN AMOUNT||MOST RECENT EMPLOYEE COUNT|
|4/21/20||Horizon Global Corp||MI||$8,700,000||3,600|
|5/4/20||LM Funding America, Inc.||FL||$186,000||9|
|5/15/20||Muscle Maker, Inc.||TX||$866,300||129|
|5/13/20||Sharing Services Global Corporation||TX||$1,040,400||66|
|4/27/20||Sonnet Biotherapeutics Holdings, Inc.||NJ||$2,100,000||587|
|April 2020||Apple Hospitality REIT Inc*||VA||$18,000,000||67|
|4/21/20||Feel the World, Inc.||CO||$390,415||30|
|5/4/20||Byrna Technologies Inc.||MA||$190,000||14|
*Company has indicated it will return the money.
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